Manipal hospitals acquires Sahyadri, expands presence in Western India

Manipal Hospitals has signed definitive agreements to acquire Pune-based Sahyadri Hospitals from the Ontario Teachers’ Pension Plan, a global investment manager with net assets of US$194 billion as of 31 December 2024. The transaction will raise Manipal’s total bed capacity to around 12,000 and take its network to 49 hospitals nationwide.

The acquisition brings 11 hospitals across Pune, Nashik, Ahilya Nagar, and Karad into the fold, strengthening Manipal’s presence in Maharashtra. It aligns with the group’s strategy to expand its geographical footprint and improve access to quality healthcare in high-demand regions.

“With the support of stakeholders like Temasek and other investors, we are continuing to expand our operations and extend care to more patients,” said Dilip Jose, Managing Director and CEO, Manipal Health Enterprises.

Manipal Hospitals, which began in Bengaluru in 1991, has grown through both organic expansion and acquisitions. “This deal enhances our reach in western India and reflects the group’s steady growth from a single hospital into a pan-India healthcare network,” said Dr Ranjan Pai, Chairman, Manipal Education and Medical Group (MEMG).

Sahyadri Hospitals, established in 2004, is a multi-specialty provider in western Maharashtra. Ontario Teachers’ acquired a majority stake in the chain in 2019 and is now exiting through this sale. Though the financial terms were not disclosed, the deal adds to the ongoing consolidation trend in Indian healthcare.

The acquisition comes amid rising demand for quality healthcare in non-metro areas, driven by demographic changes, increasing insurance penetration, and the growing burden of chronic diseases.

This move adds to Manipal’s series of recent acquisitions. In April 2021, it acquired Columbia Asia’s 11-hospital network for ₹2,100 crore, followed by Bengaluru-based Vikram Hospital later that year for ₹350 crore. In late 2023, the group acquired an 84% stake in Kolkata’s AMRI Hospitals for ₹2,400 crore, and in early 2024, it picked up an 87% stake in Medica Synergie for ₹1,400 crore—expanding significantly in eastern India and pushing its bed count past 10,500.